Florida and Payday Loans

This state has changed the way they deal with these companies and it is not to the borrowers’ advantage.

First, we will take a look at what is going on with the payday loan laws in this state and then we can look at how this will affect the borrowers.

Florida Payday Loan Laws

During a time when federal authorities are cracking down on payday lending across the country Florida has gone in the opposite direction and eased their regulations.

Through heavy lobbying by the payday loan industry, they have gained bipartisan support to pass this new rollback that would counter the proposed Obama era regulations that are now pending but on hold.

The previous Florida laws allowed loans to $500.00 and allowed these loans to be must be paid in full lump sum payments at the end of the 31 day periods.

These loans often carried over 300% interest but new tougher laws passed by the federal government clamp down on these types of loans, making them unprofitable, so the industry claims.

Florida has found a way around these new regulations by redefining what short term loans are, calling these new loans 60 to 90 day loans and raising the amount of the loans to $1000.00

The federal government does not regulate any loans over 45 days in length taking these loans out of their watch.

At the present time, the federal regulations are on hold but this industry does not want to take any chances they are put into full effect so they have passed this new law.

What This Means To Borrowers

Borrowers can expect even higher interest rates on longer loans, thus making these loans incredibly profitable for the loan companies.

Because they will fall out of the federal regulations, the sky could be the limit for counter fees and interest rates so one should be very careful in dealing with these companies in Florida.

Many other states, at last count up to 10 so far, have pushed to pass this type of bypass from the federal regulations and it looks like these companies will be around for quite some time to come.

The best way to deal with any payday loan is to follow We want to make sure everyone is informed when dealing with payday loans so we recommend reading our post.


We have covered the changes in the payday loan laws in the state of Florida and we have also gone through how the changes can affect borrowers.

We hope this information helps you in dealing with payday loans and payday loan companies in Florida!